Elncoin.com Review – Another Specimen From The Duplicated Scam Sites Family
Elncoin.com Review – Another Specimen From The Duplicated Scam Sites Family

Tools and equipment for buying and selling crypto currencies across global markets is what this seemingly competent site claims to provide.

The cyber criminals running this scheme will have you believe that their platform is the one that makes digital currency operations easy and affordable for everyone. So if you’re looking for a reliable crypto portal to invest with, you should first read this Elcoin.com review. 

Regulated by: Unregulated Crypto Exchange
Is This Company Safe? No, this company is another clone in a series of scams!
Known Websites: elncoin.com
Have Warnings from: N/A
Registered in: Malta (alleged)
Operating since: 11.10.2023.
Trading Platforms: Web Trader
Maximum Leverage: N/A
Minimum Deposit: N/A
Deposit Bonus: No
Trading Assets: Cryptocurrencies
Free Demo Account: No
How to  Withdraw from This Company? This company will not release your assets. Contact our legal team in order to start the recovery procedure.

Dubious Firm Data

Besides what is revealed in the legal documents, no other intel is available on this suspicious business. Namely, the company claims to operate out of Malta, which would mean they have ensured a MFSA license as a Virtual Financial Assets provider. Sadly, that is not the case and you can double check this information by searching the mentioned register. 

It appears that this site is just another copy of massively produced fraudulent crypto online projects. Some other examples are boolwe.com, cylwex.com, volemex.com and about two dozen others – we’ve already exposed these criminals. 

Be careful of illicit cryptocurrency providers like this one or Goccfx. Security standards do not apply to these schemes and the perpetrators behind such portals only ought to steal your capital. 

Investors Lured By Imaginary Giveaways

The fraud is based on misleading content found on TikTok and YouTube. It uses deceptive videos, featuring DeepFakes of celebrities like Elon Musk, who allegedly give away various cryptocurrencies for free on this platform.

Victims are urged to create an account and make an initial deposit in order to become eligible to receive these so-called promotions. These investments get swallowed up by the swindlers in the process, however.

The majority of the platform’s victims are residents of these countries:

  • Germany
  • Italy
  • Brazil
  • Albania
  • Spain

Although the deposited cryptocurrencies seem lost, recovery is still possible. Book a free consultation with our expert team via the live chat in order to start your recovery process.

Excessive Trading Costs

Fee structure is divided into several tier levels, with starting Maker and Taker fees being 0.075%. Higher tiers require clients to accomplish excessive volume requirements.

The highest tier demands ≥ 20,000 BTC in volume (around $738,000,000), which allegedly reduces the Taker and Maker to 0.035% and 0.045% respectively. This meager discount makes trading still much more expensive than what mainstream exchanges charge.

The Elncoin.com exchange also charges 0.00005 BTC for each deposit, and 0.00013 BTC for withdrawals.

Pyramid Scheme Behind Referral Plan 

After registering for an account, you get your unique profile link that you can use to promote this service. The more people join by clicking your referral url, you get a higher cash bonus. 40% of the amount of fees paid by your affiliates allegedly goes to you, and you get an additional discount on trade commission, which is then 0.1%.

Barebone Trading Features

Much of the site is off limits to those casually browsing it, which obscures the information about what’s contained in the client area. Not that you’d be impressed by what you see when you do eventually create an account. No specialized account types exist, the trading platform is unreliable bogus software and no particularly exotic assets are available. Contrary to what the company will have you believe, the trading features can only be described as rudimentary.

Ramshackle Trading Platform

Majority of cryptocurrency service providers offer top-of-the-line trading software, which includes cutting edge data security solutions.

The platform offered by this one, however, is basic beyond belief as it only features a graph, and options to buy and sell different assets.

The fraudsters actively manipulate the trading data as well, making sure that all the investors will lose money in the process. This is one of the most common fraudulent strategies, used by TradeCryptoMasters as well.

Crypto Services Advertised

Besides exchanging digital currencies, you can supposedly also use staking and leveraged trading opportunities. All of these procedures are available on only some of the most popular coins, though.

Some of the examples are BTC, BNB, EHT, LTC, XRP, BCH, ADA, DOT, DOGE, ZEC, NEO, LUNA, SOL. The company does not provide any token listings, but they’ve made an effort to include the NFTs into the offer even though the market pretty much fizzled out recently.

Pay Before You Play

Through the whole Eloncoin.com account creation process, clients won’t know what’s in store for them. There are no advertisements about any different types of accounts, nor about the required minimum investment value.

We’re certain that these cybercriminals are after more than just your money, as their login server actively filters out high security email providers.

To top it all off, there is no demo to speak of, so it’s impossible to test the trading environment prior to committing real money.

Urged Crypto Transfers

Clients joining this portal will face persistent convincing and insisting to deposit as much cash as fast as possible. All of these transfers are, of course, done in digital cash. The major problem with these transactions is the fact that they’re quick, and you can wave your funds goodbye before you even become aware of what’s truly going on. 

None of the withdrawal terms and conditions are revealed, so we can only assume that no payouts even happen at all. In legal papers, it is stated that all withdrawal requests are processed within 24 hours since they were submitted, but that’s another one of the lies.

Client Support Not Included

One of the main issues with all of these faux sites is the complete absence of any customer support. You can’t contact the company at all, it seems. They did not provide any phone number, email, not even a contact form through which you could open a ticket.

Stolen Funds? We Can Help!

Any investor that has been long enough in the industry can confirm that they were a target of a financial scam at one point of their trading journey – whether they were aware of it or not. The key is knowing that you can still report the swindler and attempt to get your funds back. 

So, do not let these criminals get rich by ruining your financial future! You deserve to take back what is yours. Contact our legal service and book your free consultation with our recovery experts today!

FAQ Section

What is Elncoin.com?

It is another website in a series of mass produced cryptocurrency frauds.

Is Elncoin Regulated?

The exchange is completely illegal, and it has no license to provide their services anywhere in the world.

Can I Recover Crypto From an Online Fraudster?

Cryptocurrencies are difficult to recover, but that doesn’t mean it’s an impossible effort. Book a free consultation to find out more.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

Report a Fraud Case & Claim a Refund from Scammers

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